Ottawa, Feb. 29, 2024 (GLOBE NEWSWIRE) -- Natural Resources Canada (NRCan) today announced up to $50 million in funding in support of Ontario’s plan to maintain a clean energy grid while continuing to drive economic development and support Indigenous and community consultation.
The funding, announced at the Canadian Nuclear Association (CNA) annual conference, will support pre-development work to study the feasibility of the option for a new nuclear build on the Bruce Power site. This aligns with the Federal government’s Powering Canada Forward plan to build a net-zero economy, as well as the province’s Powering Ontario’s Growth plan, which lays out investment options to electrify the economy and meet growing clean energy demand.
Announced by the Honourable Jonathan Wilkinson, Minister of Energy and Natural Resources, the funding will support the federal government’s goal of working with its partners in Canada to build clean, reliable, and affordable electricity systems across the country in line with its commitment to achieve emissions-reduction targets under the Paris Agreement, while also driving the economy.
“The federal government is acting on our commitment to build a net-zero economy that provides clean electricity, economic growth, and good jobs for all Canadians. To help us get there, we are working with the Government of Ontario to ensure Ontario is positioned to achieve a clean, reliable and affordable electricity grid with the expectation that it will comply with the forthcoming federal clean electricity regulations,” Wilkinson said. “Bruce Power has experienced years of success with nuclear energy in Ontario, and this announcement will enable that success to continue, and grow, in the future. This means more reliable and affordable electricity for Canadians, and good jobs and economic opportunities for communities across Ontario.”
At the province's request, Bruce Power currently is going through a federal Impact Assessment (IA) process as a planning tool to evaluate the potential for an additional 4,800 MW at the Bruce Power site in a project referred to as Bruce C. This multi-year process includes Indigenous and public engagement, environmental and socioeconomic studies, and permitting activities.
Although no decision has been made to advance a new build, this “no-regret” action is an important step to support future electricity planning and allow faster execution if a decision is made to proceed.
“With global business looking to expand in jurisdictions with reliable, affordable and clean electricity, Ontario’s world-class clean electricity grid is helping us land historic investments,” said the Honourable Todd Smith, Ontario’s Minister of Energy. “New nuclear generation, like the first large-scale nuclear build in a generation at Bruce Power, supported by this investment by the federal government, will ensure we have the reliable, affordable and clean electricity we need to support the next major international investment, the new homes we are building, and industries - like our steel producers - as they grow and electrify.”
The Government of Canada is investing billions of dollars to help build clean, affordable and reliable electricity grids across the country.
Bruce Power continues to safely operate its existing eight-unit fleet while progressing the on-time and on-budget completion of its Life-Extension Program and Major Component Replacement (MCR) projects to renew Units 3-8 at its Bruce A and B stations. The renewed units will continue to supply clean, reliable energy to Ontario for decades to come.
“Ontario has one of the cleanest electricity grids in the world and the nuclear industry is leading the way,” said Mike Rencheck, Bruce Power’s President and Chief Executive Officer. “This pre-development funding for new nuclear at the Bruce site is a great example of how the federal and provincial governments are working together with the private sector, supporting early Indigenous and community engagement, planning and support for pre-development activities for clean-energy projects that will allow us to meet climate goals to benefit Ontario and all Canadians for the long term.”
The company’s approach to supporting the role of the Bruce Power site in the province’s Powering Ontario’s Growth plan will be based on the following five principles:
- Extend the operation of the eight Bruce Power operating units to continue producing clean energy and cancer-fighting isotopes through 2064 and beyond.
- Through the Life-Extension Program and Project 2030 investments, increase net peak output of the existing units to 7,000 megawatts (MW) for the 2030s – equivalent to adding a large-scale reactor with current infrastructure.
- Pursue an Impact Assessment (IA) as a planning tool to evaluate the potential for an additional 4,800 MW at the Bruce Power site and commit to open and transparent engagement with Indigenous communities, the local tri-county region and the public prior to any decision-making.
- Undertake a robust technology review process to provide sound guidance for potential future decisions and milestones.
- Position economic development/partnerships, localization, supply chain and workforce development as key priorities in development, especially in rural communities.
About Bruce Power
Bruce Power is an electricity company based in Bruce County, Saugeen Ojibway Nation Territory, Ontario. We are powered by our people. Our 4,200 employees are the foundation of our accomplishments and are proud of the role they play in safely delivering clean, reliable nuclear power to families and businesses across the province and cancer-fighting medical isotopes around the world. Bruce Power has worked hard to build strong roots in Ontario and is committed to protecting the environment and supporting the communities in which we live. Formed in 2001, Bruce Power is a Canadian-owned partnership of TC Energy, OMERS, the Power Workers’ Union and The Society of United Professionals. Learn more at www.brucepower.com and follow us on Facebook, Twitter, LinkedIn, Instagram, TikTok and YouTube.
